I have business with turn over Rs.22,93,500/- and profit is Less then 8%. But overall the net Taxable profit is less then Exemption limit. I am also registred in GSTIN as Regular Dealer. Should I have to Audit my books of accounts.
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Business income below 8%
Replies (3)
Yes profit below 8% you must carry Tax Audit
Before taking a decision should think about which option is profitable to you
1. Offer Above 8% profit and opt 44AD
2. Tax audit
( Compare tax audit fee and tax on option 1 )
Sunil Kumar, see if your profit is less than 8% you must audit your books of account. if you audit books of account and carry the audit fee it will be fine. but another way is show your profit above 8% and file your return under section 44AD. This is less expensive compare to audit fee.
Dear Friends (Sarath & Jana).,
Please give some details or based any case law for audit on above case if he file his profit is less than BEL...
Please give some details or based any case law for audit on above case if he file his profit is less than BEL...
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